OK.
I may be in the minority here, understandably. What is seen by many to be potential landmark legislation to regulate internet gambling would certainly prove to be a boon for the federal budget to the tune of 40 billion dollars. However, it is incredulous to me that countries like Russia and the entire Eastern Bloc can gamble at will on these sites, while we are subject to potential regulation, and as is, technically playing illegally in the face of a poorly written law that has more holes than the Wire Act? All that aside, our government, which we should all remember was established ahead of the footprints of Puritans who sought religious freedom, are once again flouting their inhibitions like the FCC. The United States has long been the laughing stock of more liberal societies for reasons ranging from censoring nudity and profanity to lambasting political figures entrenched in scandal. To dictate how we should not spend our money on gambling pursuits is just another in a long line of puritanical embarrassments.And unfortunately for all of us, the players are bound to suffer.
And here's why.
1 .For starters, Full Tilt and Stars will almost certainly be denied licenses as they have operated
illegally in the States, and one of the amendments on the bill essentially block the potential for any online site to get a license if they have committed that act. So, get ready to move your funds over, and welcome brick and mortar organizations like Harrah's and MGM to set up their online operations, and of course, welcome back Party Poker, who kept in line with the law
2. Licenses cost money. Therefore, look for the rakes to rise. Gone will be the days of firing up low-stakes tables in hopes of making profits, because rakes will increase and rakeback deals will dry up.
3. What little profit you will gain from the sites, it will now be rigidly taxed.
Granted, regulation may spawn a 're-boom' and litter the landscape with fish, but with Uncle Sam sweating our action, will we really reap the benefits?
I, for one, doubt it.
I think the recent bwin/party merger will see them enter the US as by far the largest network, at least until Stars/FT show the US government how much rake they're missing out on and are allowed back in
ReplyDeleteI've voiced the same concerns. I'm also concerned that the Gov't may want access to prior player history and from that, could seek back taxes from those who don't pay taxes on their winnings (unlike me, who pays all of my taxes). Can you imagine the disaster that could possibly come from legislation?
ReplyDeleteI mean, for those who don't pay taxes on their wins (unlike me), any $100 win is going $33 to the government...and that's not including rake and whatnot. The fish better be really bad and plentiful to make up for gov't rake.